United States Income, Wealth, Consumption, and Inequality

Over the past 75 years, household income in the United States has increased substantially. Still, by some measures, income inequality has increased as well. This has been the subject of contested public policy and political discourse. The question still stands: How can we better articulate the nuanced changes in American incomes? It is difficult to have conversations about income inequality without an agreed-upon set of terms, metrics, and concepts. United States Income, Wealth, Consumption, and Inequality, edited by Diana Furchtgott-Roth, examines the trends in income growth in the United States and explores various measures of income, including market, post-tax, and post-transfer income. Within each chapter, distinguished experts explain how income and wealth—and the way we measure them—have changed in the United States, which demographic groups have benefited from these changes, and how mobility has changed over time andover generations. Specific chapters explain the roles of gender and race. The resulting book is relevant to modern international policy, particularly in light of the COVID-19 pandemic, and addresses what can be done to increase economic mobility in the United States.

Furchgott-Roth has brought together contributions from experts across government and the private sector examining the measurement of income, what should be included in such measurement, and the effects of taxes and transfers on incentives and inequality. The contributions are readable, and the accompanying tables and graphs are relevant and easy to follow. Furchgott-Roth's introduction addresses the relevance of this topic in the context of the current pandemic., Taken as a whole... [United States Income, Wealth, Consumption, and Inequality] sets the table for the money conversation we should be having., This book is invaluable for anyone interested in the distribution of income and wealth. It clearly explains the analytic issues important to understanding this complex topic and will be extremely helpful both to those looking for a review of the current state of knowledge and those wanting a better understanding of unsettled issues., This fascinating book of key facts and ideas on income inequality, beautifully explained by an impressive range of leading experts, is essential reading now more than ever. The pandemic has laid bare the intrinsic link between income inequality and unequal opportunities, especially in education. Necessary actions delve into the very foundation of economics., Whatever your view on inequality, this indispensable volume will improve it. The volume combines carefully measured, diverse empirical studies from top scholars that integrate inequality considerations with related issues in trade, migration, labor participation, and public goods provision. Truly a must-read.

Diana Furchtgott-Roth is an economist and author of five books on economic policy. She previously served as Acting Assistant Secretary for Economic Policy at the US Department of the Treasury and now serves as Deputy Assistant Secretary for Research and Technology at the US Department of Transportation.